CEC Entertainment Inc. (CEC) reported third-quarter net earnings of $12.7 million compared to $9.9 million last year. Earnings per share increased to $0.55 from $0.43 last year.
On average, 9 analysts polled by Thomson Reuters expected the company to report profit of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues decreased to $197.8 million from $201.9 million last year. Analysts expected revenue of $195.66 million for the quarter. Comparable store sales declined 3.1%.
The company expects fiscal 2009 earnings per share to be in a range of $2.63-$2.67.
The company is projecting fiscal 2010 earnings per share to be in a range of $2.70-$2.80.
The company also announced that its Board of Directors authorized the purchase of up to an additional $200 million of common stock under its share repurchase program. With the increase, the company currently has authorization to purchase approximately $237.8 million of its common stock, representing approximately 40% of the Company's current market capitalization.
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